It is no secret to any property buyer that schools are having an increasing impact on house prices, as parents plan well ahead for the future of their children. Studies done between 2015 and 2016 by the Real Estate Institute of Victoria (REIV) noticed that Northern Parkville, in Melbourne’s inner-north, had the biggest gap in median house prices when comparing homes outside to those inside University High’s school zone. The difference in median house prices reached $596,000. While other factors, such as a closer location to the city centre, impact house prices, the study suggested a clear distinction between house prices within and outside of the University High school zone.
For this reason, it has never been more important for property seekers, whether or not they have children, to be aware of what schools exist within the neighbourhoods they are interested in.
Using view.com.au’s Price Estimate tool, you can find out exactly what schools surround any address in Australia, with further contact information and what type of school it is (public, catholic, independent). With this information, you can also view and compare transport information, comparable property prices and demographic data for the neighbourhood. With this collated information, you can go to inspections with strong knowledge and expectations for the performance of any given property, in turn saving you time in the buying process.
After finding what schools are located near your desired location, you then need to find out as much as you can about those schools.
- Look at a school’s curriculum and weigh that up against what you value in a school. Does it focus heavily on any given discipline and if you can’t find this out online, are there those who you can find this out from?
- What are the school’s policies regarding the issues that interest you? For instance, does the school have a policy for dealing with bullying, and clear procedures for you to follow in the case of your child witnessing or experiencing bullying?
- How engaged with the community is the school?
- What programs, affiliations and opportunities does the school provide?
- Does the school work with families in the education of its pupils?
Note. Much of this information can be gleaned by asking around from other parents, rather than just online.
Remember that even if you do not have children, it can be in your best interests to be as informed as you possibly can about relative school zones and schools in an area in which you wish to invest, as capital growth can be markedly impacted by these factors.